- All of the crypto majors are in freefall today
- Litecoin is heading to the psychological support area of 70.00
- Technical trendline could help buyers find support
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As all the major coins are in freefall today LTC/USD is coming up to very important levels.
One major zone is the 70.00 support used a couple of times to good effect on this chart. On the far left of the chart in July last year, you can see the 70.00 level used as support and it held twice very well. Then after breaching to the downside the market then retested the level in September before moving back down.
This time around the 70.00 area confluences with a long term trendline originating in December and bouncing once again in February through to March. The two factors coupled with a bullish cross of the Stochastic moving averages could help the pair stem its losses.
However one thing concerning is the massive head and shoulders formation on the chart, We are now an important point and if 70.00 is broken we could see a move down to around 50.00 according to the laws of the formation. Remember there are some key fundamental announcements on the way including the ETF decision next month.
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